AMC stock is trading down 2.4% at $9.33. If it stays in the red, this would be its sixth straight session losing ground. More than 18,000 put contracts for the $15 strike price expiring this Friday have traded in the first half hour on Wednesday.
The last price was $0.96 per share, and the value of the contract is up 100% from Tuesday. AMC stock has not traded this low since May 7, 2021. On Tuesday the meme stock broke through support at $10 from May 11 and 12. There is support from February and April of 2021 near $5.50 and $8, respectively.
Meanwhile, AMC has continued to see its common shares tumble on Tuesday, although the price of its recently released preferred shares seem to have stabilized.
Shares of AMC dropped by a further 8.56% and closed the trading session at a price of $9.56. Stocks were mixed on Tuesday, as the broader markets somewhat recovered from Monday’s intense sell off.
Despite what looked to be a positive start to the day, all three major indices closed in the red once again. Overall, the Dow Jones fell by 154 basis points, the S&P 500 dropped by 0.22%, and the NASDAQ traded flat for the day.